quarter of $30 billion thanks to AI

The long-awaited moment has arrived: Nvidia, the famous crypto mining company now focused on Artificial Intelligence (AI), has published its Q2 2024 earnings. It is a record-breaking quarter with earnings of 30 billion dollars, surpassing estimates by 2 billion dollars.

Nvidia of crypto mining: quarterly profits soar thanks to AI

The big moment has arrived and has exceeded all expectations: Nvidia, the tech giant, has published its earnings for the second quarter of 2024 (Q2 2024). 

These are record quarterly revenues of over 30 billion dollars, representing a 15% growth compared to the first quarter and 122% compared to a year ago. 

This result has exceeded all expectations, beating the previous estimates by 2 billion dollars. 

At the center of the scene of the company famous for crypto mining, there is now Artificial Intelligence. In this regard, Jensen Huang, founder and CEO of Nvidia, said:

“The demand for Hopper remains strong and the anticipation for Blackwell is incredible. NVIDIA has achieved record revenue as global data centers are in full swing to modernize the entire computing stack with accelerated computing and generative AI. Blackwell samples are shipping to our partners and customers. Spectrum-X Ethernet for AI and NVIDIA AI Enterprise software are two new product categories that are reaching significant scale, demonstrating that NVIDIA is a full-stack platform at data center scale. Across the stack and ecosystem, we are helping frontier model creators, consumer internet services, and now enterprises. Generative AI will revolutionize every sector.”

Staying on the topic of Huang, on his X profile created this August and already followed by almost 58,000 followers, only one post from two days ago has been published which has already garnered 10.3 million views:

“The most powerful technologies are those that allow others to announce previous gains in these areas”

Nvidia: the company of AI and crypto mining foresees further growth in profits

Following the publication of Nvidia’s record earnings for Q2 2024, the outlook speaks of further growth. 

In fact, the leading AI company predicts that revenue for the third quarter of the fiscal year 2024 will be 32.5 billion dollars. 

Despite this euphoria, in the stock market the price of NVDA shares does not seem to register any particular increases yet. On the contrary, compared to yesterday, NVDA shares recorded a decline of -2%. 

The current price of NVDA is $125.61 which, in any case, is an increase of +12% compared to a month ago, when it was worth $111. Not only that, broadening the scope, the stock of NVDA has grown by +58% compared to six months ago and by +160% compared to a year ago. 

In any case, based on what will happen today since the earnings release occurred yesterday, the price change of NVDA could influence the trend of the crypto.

On one side there are the crypto linked to AI that with the success of Nvidia could register some pumps. 

On the other hand, however, if this phase, considered by many as “the AI bubble,” were to burst, it could drag many stocks with it, bringing Bitcoin (BTC) back in pump as a safe-haven asset. 

The reaction of AI tokens

Unlike NVDA stocks, AI-related tokens can already show their price trends. 

As anticipated, while waiting for Nvidia’s verdict, the NEAR, FET, TAO, and RENDER tokens were the ones that gave the most excitement to their holders, already during the past weekend. 

At the time of writing, however, even here in the crypto market, nothing spectacular has happened yet for the AI-related tokens. 

NEAR remains at $4.40, after reaching $5.23 on August 24. The price of FET has stayed at $1.24 recording a pump of +3% in the last 24 hours. 

The token TAO is now at 299$, almost like a week ago, after it had reached 364$ two days ago. And finally, RENDER remains stable compared to yesterday, at the price of 5.64$.